Rising Interest in Crypto Amidst COVID-19 Pandemic
The cryptocurrency industry has been showing a gradual growing interest in the recent months, particularly after the Covid-19 pandemic begun. According to Cointelegraph, Chinese search engine, Baidu, recorded a whopping an increase of 183% in searches for the term “Bitcoin”. Likewise, Google also recorded a surging interest in Bitcoin searches enquiring if they should buy BTC.
With the Covid-19 virus still being managed, many countries have gone into lockdown to curb the spread which has indirectly spurred the crypto industry. Given the reversal of crypto ban in India, along with the recent collapse of Yes Bank in India, consumers swooned toward a safe-haven and are looking at cryptocurrency as a store of value.
With such a large population, it is easy to see a large impact on the world of crypto volumes gradually increasing during the panic. According to a report by Forbes, as the country went into lockdown that’s extended till 3rd of May, survey shows that 3 out of 4 who has some knowledge about cryptocurrencies have invested in them and believe that job creation and economic activities can be boosted by cryptocurrencies.
Image Source: Finance Magnates
The COVID-19 pandemic may also lead to swifter adoption of cryptocurrencies by central banks. Head of the 9th largest bank in Philippines, Union Bank, mentioned that banks would be more accepting towards testing and developing digital currencies and cryptocurrencies. He added this after mentioning that the pandemic exposed the frailty of the supply chain for cash. With over 2000 islands, the central bank of the country is striving to ensure all the banks and ATMs in these islands have enough banknotes.
In other parts of the world, cryptocurrency payments are starting to gain traction with the COVID-19 pandemic as it works with a contactless payment system. Consumers can make payments in-person without having any contact with another person with apps and mobile wallets that support contactless payment as many are fearing of catching the virus from cold hard cash and credit card terminals. A research done on March 2020 from Futurist Group reveals that 38% sees contactless feature as a minimum requirement, registering a 26.8% increase.
As the global fight against COVID-19 continues, it is great to see cryptocurrency demonstrate its increasing relevance in the 21st century. Anyone may be part of the crypto ecosystem as the investments are relatively small. Traders can start building with an investment as low as 0.001 BTC ($7) on VHCEx, a licensed trading platform. If you are unsure how to trade, get the pros to trade for you through our app. Download our app now and give it a try at https://download.vhcex.com/.